How much do I reduce my rent by?

Landlord Discussion
1

My tenants move out on June 26th, and the current rent is £1880 per month.

My flat is fully furnished, and is centrally located in East London E1. It has a secure parking space and outdoor courtyards, which is a rarity in this part of London.

In this current climate, and from your experience, do I need to reduce the rent significantly to get tenants in? If so, by how much would you say I need to reduce by?

I’m currently stranded overseas and I’m living off the rent (what’s left of it after the mortgage is paid), so I’m worried about any large gaps in rent if I can’t find tenants.

Thank you for your advice and suggestions!

2

Im no landlord but that price is already a decent enough monthly amount for what your offering if i was somewhat the tennent i would speak to you about putting the rent to about 11:00 - 11:50 monthly

Hope this is okay and please be safe many thanks

3

Hi Jamie,

I’d recommend seeing what other, similar flats are letting for on OpenRent. When it comes time to advertise the property, you can start at a higher rent and lower it as needed if you are concerned it might be too high to attract tenants.

Sam

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